Wink to Webster Crude Oil Flows Remain Below Pre-Maintenance Levels

The Wink to Webster (W2W) Pipeline — the largest crude oil pipeline by volume exiting the Permian Basin — was offline for planned maintenance during the first 10 days of June 2024 to reroute a small section of the line.

Gulf Coast Sour Crude Price Differential Hits Near Five-Year High on Tariff Turbulence

Last week, the price differential for Mars sour crude oil that is delivered from Gulf Coast offshore producing platforms via the Mars pipeline to Clovelly, LA surged to near a five-year high of $3.37/bbl on March 4^th (green dashed oval in chart below).

Fees On Chinese Vessels Would Severely Disrupt U.S. Ethane Export Markets

The U.S. government is considering imposition of substantial fees on vessels docking in U.S. ports that are part of any fleet that includes ships built or flagged in China. This initiative is in sync with an investigation by the U.S.

After Five Consecutive Weeks Of Growth, Rig Count Starts March With Small Decline

After five consecutive weeks of gains, US oil and gas rig count began the month of March with a small decline, falling by one rig to 592 for the week ending March 7 according to Baker Hughes.

Canadian Drilling – Rig Counts Head Lower, Early Arrival of Spring Break Up?

For the week ending March 7, Baker Hughes reported that the Western Canadian gas-directed rig count fell seven to 64 (blue line and text in left hand chart below), 20 less than one year ago and the lowest since the start of the year.

Extension Passed for Golden Pass Liquefied Natural Gas

It’s been a long road for Golden Pass LNG, but the Texas Gulf Coast export terminal finally got some good news this week.

U.S. to Seek $20 Billion to Refill SPR

The U.S. will seek up to $20 billion to refill the Strategic Petroleum Reserve (SPR), according to Energy Secretary Chris Wright. He told Bloomberg News on Friday the reserve would be filled “just close to the top.”

Northeast Gas Demand Declines, But Uncertainty Clouds Future Power Demand

Demand for natural gas in the Northeastern U.S. averaged 27.5 Bcf/d for the week ended March 4, which was a decrease of 4.4 Bcf/d relative to the previous week. There was low demand last Wednesday and this Tuesday but higher demand over the weekend.

Crude Oil Futures Plummet to Lowest Prices in Years

Oil prices plummeted Wednesday, March 5th as concerns over economic uncertainty, increased OPEC+ crude output, and higher than expected inventory levels pushed prices to their lowest levels in 2-3 years.

Refinery Demand Down As Gasoline Demand Rises

Refinery demand softened as net input fell 350Mb/d to 15.39MMb/d, with utilization down to 85.9% and PADD 1 dropping sharply. Gasoline demand surged 420Mb/d, driving a 1.43MMbbl stock draw, while distillate stocks fell as production declined and net exports rose.

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